{"id":3046,"date":"2018-12-26T17:18:37","date_gmt":"2018-12-26T17:18:37","guid":{"rendered":"http:\/\/bankruptcycalgary.com\/?page_id=3046"},"modified":"2022-02-08T13:08:15","modified_gmt":"2022-02-08T20:08:15","slug":"alberta-bankruptcy-exemptions","status":"publish","type":"page","link":"https:\/\/bankruptcycalgary.com\/personal-bankruptcy\/alberta-bankruptcy-exemptions\/","title":{"rendered":"Making Sense Of Alberta Bankruptcy Exemptions"},"content":{"rendered":"

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Making Sense Of Alberta Bankruptcy Exemptions<\/strong><\/h1>\n

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Thinking about bankruptcy? Get professional advice with a free and confidential phone call!<\/h4>\n

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WHAT YOU NEED TO KNOW:\u00a0<\/strong>Bankruptcy<\/a> is a legal process meant to help honest, but unfortunate people who are overburdened by debt and unable to pay.\u00a0 The process provides relief with legal protection from the people or companies you owe money to. Once you declare bankruptcy<\/a> you are released from your debt and all interest stops accumulating. Collection agencies can no longer call you or contact you to collect payment, and if your wages are being garnished, that will stop too.<\/p>\n

In Canada, the Bankruptcy and Insolvency Act<\/a> is the main legal document covering bankruptcy<\/a> and other insolvency matters (like consumer proposals<\/a>). It is federal legislation and applies to all provinces and territories, so proceedings are generally the same across the country. The Act sets out rules and outlines procedures for declaring bankruptcy<\/a> or submitting a consumer proposal<\/a>. As required by the act, a person declaring bankruptcy<\/a> surrenders their property to a Licensed Insolvency Trustee<\/a> in exchange for the discharge of their debts. The bankrupt person is required to surrender all assets that are not considered exempt.<\/p>\n

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A Licensed Insolvency Trustee<\/a> Can Help You:<\/h2>\n

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Determine the value of your assets.<\/p>\n

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Apply the exemptions to your situation.<\/p>\n

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Find solutions that make sense for you.<\/p>\n

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Bankruptcy Exemptions<\/h2>\n

For the most part, the Bankruptcy and Insolvency Act<\/a> defers to provincial legislation to determine what assets are exempt, but there are some items that are exempt under the federal legislation:<\/p>\n